Raleigh Multifamily Market Report
2024 Investment Forecast
Delivery Cluster Arrives Ahead of Major
New Corporate Commitments
Raleigh anticipates marquee investments. The metro boasts one of the most educated workforces in the southeast, with 44 percent of its residents holding a bachelor’s degree or higher. This has recently helped attract groundbreaking investments from private sector companies, which have the potential to expand the labor market and boost household incomes. Notable examples include Wolfspeed and VinFast. Both are constructing manufacturing facilities in Chatham County, which will eventually employ over 9,000 engineers and supporting personnel. Additionally, Apple is in the process of building a new 41-acre campus in The Research Triangle Park and plans to fill over 3,000 high-paying software roles upon completion. However, opening dates for these projects span from 2025 to 2030. In the meantime, the metro is projected to record the second-highest growth in rental stock among major U.S. metros in 2024. The distribution of new supply, however, will be uneven, resulting in varying impacts on local vacancy rates in the near future. While deliveries are mild in Near North, Far North and Northeast Raleigh, completions appear warranted as each area registered record-level net absorption through most of last year. The dynamic should continue in 2024, extending a recent stretch of downward local vacancy movement.